ISSUE AND REDEMPTION OF DEBENTURES

ACCOUNTING FOR SHARE CAPITAL

Accountancy Sample Question ( Plus Two) - pdf

https://drive.google.com/open?id=0B1Mn2YmfEh0WZlhXMnB6S20wSG8

Dissolution Of Partnership Firm - Video

COMPANY ACCOUNTS

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An ANDROID APP TO INFORM DIFFERENT ASPECTS ACCOUNTING

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STEPS IN PROJECT REPORT CONSTRUCTION - sample project Report

STEPS IN PROJECT REPORT CONSTRUCTION

The sequence in which the project report material should be arranged and bound should be as follows:

1.                     Cover Page & Title Page

2.                   Bonafide Certificate

3.                   Declaration

4.                   Abstract

5.                   Aknowledgment

6.                   Table of Contents(Index)

7.                   List of Tables

8.                   List of Figures

9.                   List of Symbols, Abbreviations and Nomenclature

10.                 Chapters

(i)         Introductory chapter (Introduction, Aims / Objectives of the study, Need and Significance of the study, Scope and limitation of the study ) 

(ii)        Literature Overview, ( Details regarding the major concept)

(iii)       Methodology,( Tools used, source of data collection, method used, sample selected, etc)

(iv)       Discussion / Analysis   

(v)        Findings

(vi)       Values Attained ( List out the values to be developed after the completion of project)

(vii)       Skills Developed ( List out the skills developed after the completion of project )

(viii)      Conclusion

11.                   References

12.                 Appendices

SAMPLE ACHIEVEMENT TET ON ACCOUNTING PDF

https://drive.google.com/open?id=0B1Mn2YmfEh0Wb2FjR3BsZDJkbUE

INTRODUCTION TO ACCOUNTING

SAMPLE QUESTION ON ACCOUNTANCY - PLUS TWO

CLASS : XII                                                      ACCOUNTANCY                                                                                                                   Marks : 40

                                                                                                                                                                                                                                                                         Time : 1.30 mts

1.         Define the term ‘Partnership’                                                                                               (2)                          

2.       Draw the format of Profit and loss appropriation account.                                                (3)

3.       Ajith and Sajith were partners with capitals of Rs.1200000 and Rs.750000respectively. they agree to share profits in the ratio of 3:2. Show how the following transactions will be recorded in the capital accounts of the partners in both the cases when a) the capital are fixed and b) the capitals are fluctuating. The books are closed on December 31 every year.                                                                                                   (6)

Particulars	Ajith	Sajith
Interest on Capital Drawing (During 2010) Interest on Drawings Salary Commission Share in loss for the year 2010	5% 30000 1500 15000 7500 35000	5% 20000 1000 5500 20000

4.        Revathi and Deepthi are partners in a textile business. There capital at the end of the year were Rs. 40000 and Rs.35000 respectively. During the year 2012 Revathi’s drawings and Deepthi’s drawings were Rs.5000 and Rs.6000 respectively. Interest on drawings charged were Rs.300 and Rs.200. Revathi had been credited with a salary of Rs.2500 and Deepthi with a commission of Rs. 4000. Profit during the year after making the above mentioned adjustments were Rs. 25000. Calculate interest on capital @6% for the year ending 31^st December 2012.                                                                                                                                                       (5)

5.       Briefly explain the method of calculating goodwill .                                                                            (2)

6.       A firm has the forecasted profits for the coming 5 years as follows :

Year                                      I                              II                            III                               IV                             V

Profits (Rs.)                   1,00,00                   1,20,00                    90,00                      1,30,00                    1,50,00

The total assets of the firm are Rs. 12,00,00 and outside liabilities are Rs. 4,00,00. The present value factor at 10% are as follows :

Year                                    I                               II                               III                             IV                             V

PVF                                  0.9091                     0.8264                    0.7513                     0.6830                  0.6209

Calculate the Value of goodwill.                                                                                                                    (4)

7.        Rajan a partner in a firm, withdrew the following amounts during the year 2011.

                                        Rs.          

February 1                       3000

        May 1                       6000

        June 30                  4000

        October 31              6000

        December 31           3000      

The interest on drawings is to be charged @12% p.a. Assuming the accounting year closes on December 31. Calculate interest on drawings chargeable to the partner.                                                    (4)

8.       Difference between Fixed capital method and Fluctuating capital method.                       (5)          

9.       Ramu and Shiva were partners in the ratio 3:2 . Madhav was their manager, they decided to take Madhav as a partner with effect from 1^st January 2009 for 1/6 th share in the profits. Madhav was getting a salary of RS.45000 per annum and a commission of 10% of the net profits after charging such salary and commission when he was a manager. It was agreed that any excess amount which will be given to Madhav as a partner than the amount he was getting as manager would be personally borne by Shiva. Profit for the year 31^st December 2009 was Rs.450000 before salary and commission. Prepare their profit and loss appropriation account.                                                                                                                                                              (5)

10.      Following relates to the profit earned by a firm for the last four year; Rs.25000, Rs.35000, Rs.60000 and Rs.45000. the total assets of the firm are Rs.690000and outside liabilities Rs.140000. normal rate of return is 5%. Calculate goodwill of the firm under capitalization of super profit method.              (4)

Marking Scheme

Question No.	Value Points	Marks for Each Point	Total Marks
1.	According to the Section 4 of the Indian Partnership Act 1932, Partnership may be defined as “ the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.	2	2
2	Profit and Loss Appropriation Account Dr       for the year ended 31st march 2014                  Cr. Particulars Amount Particulars Amount To Salary To Interest on capital To Profit transferred to     Capital accounts By Net profit as per Profit and loss a/c By interest on drawings	3	3
3	When Capitals are Fixed Partner’s Capital Account Dr                                                                                                            Cr Date Particulars Ajith Sajith Date Particulars Ajith Sajith To Balance c/d 1200000 750000 By Balance b/d 1200000 750000 1200000 750000 1200000 750000 Partner’s Current Account Dr                                                                                                            Cr Date Particulars Ajith Sajith Date Particulars Ajith Sajith To Drawings To Interest on Drawings By P&L Appropriation a/c To Balance c/d 30000 1500 35000 16000 20000 1000 20000 2000 By Interest on capital By Salary By commission 60000 15000 7500 37500 5500 82500 43000 82500 43000 When Capital  Fluctuating Partner’s Capital Account Dr                                                                                                            Cr Date Particulars Ajith Sajith Date Particulars Ajith Sajith To Drawings To Interest on Drawings By P&L Appropriation a/c To Balance c/d 30000 1500 35000 1216000 20000 1000 20000 752000 By Balance b/d By Interest on capital By Salary By commission 1200000 60000 15000 7500 750000 37500 5500 1282500 793000 1282500 793000	2 2 2	6
4	Calculation of Asha’s capital in the beginning of the year                                                                                                                                                                                                    Rs. Capital at the end of year                                             40000 Add           Drawings                                                                           5000                 Interest on Drawings                                                         300                                                                                                                 45300 Less          Salary                                                                               2500                 Share of Profit            ( 25000×1/2)                             12500                 Capital in the beginning of the year                                30300                 Interest on capital  = 30300×6/100 = 1818 Calculation of Deepa’s capital in the beginning of the year                                                                                                               Rs. Capital at the end of year                                         35000 Add           Drawings                                                                                         6000                 Interest on Drawings                                                                  200                                                                                                                                              41200 Less          commission                                                                                    4000                 Share of Profit            ( 25000×1/2)                                  12500                 Capital in the beginning of the year                             24700                 Interest on capital  = 24700×6/100 = 1482	2 ½ 2 ½	5
5.	1. average profit method 2.weighted average profit method 3. super profit method 4. capitalization method 5. Present value factor method.	2	2
6	Solution Year I II III IV V Profit Normal Profit Super Profit PVF Present Value of Super Profits 10000 8000 2000 0.9091 18,18 12000 8000 4000 0.8264 33,06 9000 8000 1000 0.7513 7,51 13000 8000 5000 0.6830 3415 15000 8000 7000 0.6209 43,46 Value of Goodwill = Rs. 18,18 + 33,06 + 7,51 + 3415 + 43,46           = Rs. 13636	4	4
7	Date Amount Period Product February 1 3000 11 33000 May 1 6000 8 48000 June 30 4000 6 24000 October 31 6000 2 12000 December 31 3000 0 0 Total 117000 Interest on drawings = Sum of Products × Rate of Interest  ×  1                                                                                            100               12                                                                 = 117000  × 12 ×   1                                                                                       100     12                                                                 = 1170	4	4
8.	Fixed Capital Method Fluctuating Capital Method Two accounts, viz., capital and current account. One account, viz., capital account. Remains unaltered Fluctuates. Adjustments like interest on capital, drawings, interest on drawings, etc. are made in the current accounts. Adjustments are made in the capital account itself. Both capital and current accounts appear. Only capital account appears . It should be specifically mentioned in the partnership deed. Not necessary. Fixed capital accounts always shows a credit balance. Fluctuating capital may some times show a debit balance.	5	5
9.	Profit of the firm before salary and commission                 Rs. 450000 Less : Madhav’s Salary                                                           Rs. 45000                                                                                                 405000 Less : Madhav’s Commission 405000×10                                                                                 110         36818                                 Profit after  salary & commission        368182 Ram’s Share will be  = 368182× 3  = 220909 5 Shyam’s Share will be  = 288000 × 2  = 147273                                              5 Madhav as a manager was getting Rs.45000 + Rs. 37818 = 81818 Madhav will get ¼ th share out of total profit i.e., = 112500 So excess amount Rs.30682 will be borne  by shyam.	5	5
10	Average profit = 41250 Normal profit = 27500 Super profit = 13750 Goodwill = 13750 × 100                                   5                  = 275000	4	4